Exhibit 99.15
Johnson & Johnson Reports 2007 Third-Quarter Results: Sales of
$15.0 Billion Increased 12.7%; EPS was $.88, Including Special
Charges; Excluding Special Charges, EPS was $1.06 *
NEW BRUNSWICK, N.J., Oct 16, 2007 /PRNewswire-FirstCall via
COMTEX News Network/ -- Johnson & Johnson (NYSE: JNJ) today
announced third-quarter sales of $15.0 billion, an increase of
12.7% as compared to the third quarter of 2006. Operational
growth was 9.7% and currency contributed 3.0%. Domestic sales
were up 5.8%, while international sales increased 21.5%,
reflecting operational growth of 14.7% and a positive currency
impact of 6.8%. On a pro-forma basis, including the net impact of
the acquisition of Pfizer Consumer Healthcare in both periods,
worldwide sales increased 2.4% operationally.
Net earnings and diluted earnings per share for the third quarter
of 2007 were $2.5 billion and $.88, representing decreases of
7.7% and 6.4%, respectively, compared to the same period in 2006.
Net earnings for the third quarter included an after-tax
restructuring charge of $528 million associated with the cost
improvement program previously announced on July 31st. Prior-
year third-quarter net earnings included after-tax in-process
research and development charges of $115 million associated with
the acquisitions of Ensure Medical, Inc. and Colbar LifeScience
Ltd. Excluding the impact of these charges, net earnings for the
current quarter were $3.1 billion and diluted earnings per share
were $1.06, representing increases of 7.0% and 8.2%,
respectively, as compared to the same period in 2006.* The
Company increased its earnings guidance for full-year 2007, which
excludes the impact of in- process research and development
charges, restructuring charges or other special items, to between
$4.10 and $4.13 per share.
"We continue to deliver solid earnings while investing in the
future growth of our business," said William C. Weldon, Chairman
and Chief Executive Officer. "Our broad base enables us to pursue
opportunities while managing through pressures in certain
markets."
Worldwide Medical Devices and Diagnostics sales of $5.2 billion
for the third quarter represented a 6.0% increase over the prior
year with operational growth of 3.0% and a positive impact from
currency of 3.0%. Domestic sales increased 2.4%, while
international sales increased 9.8% (3.7% from operations and 6.1%
from currency).
Primary contributors to the operational growth included
Vistakon's disposable contact lenses; LifeScan's blood glucose
monitoring and insulin delivery products; DePuy's orthopaedic
joint reconstruction and sports medicine products; Ethicon Endo-
Surgery's minimally invasive products; and Ortho-Clinical
Diagnostics' professional diagnostic products. Also contributing
to the results was strong growth in Biosense Webster's
electrophysiology business and in Ethicon's wound care and
women's health businesses. Growth was impacted by lower sales of
drug-eluting stents in our Cordis franchise primarily due to a
decline in the market versus the prior year.
During the quarter, the Company received approval from the U.S.
Food and Drug Administration (FDA) for the REALIZE Adjustable
Gastric Band, a surgical implant for the treatment of morbid
obesity. The FDA also approved the GENESEARCH Breast Lymph Node
Assay, which is the first intra-operative and gene-based test to
detect the spread of breast cancer into the lymph nodes.
Worldwide Pharmaceutical sales of $6.1 billion for the third
quarter represented an increase over the prior year of 3.7% with
operational growth of 1.2% and a positive impact from currency of
2.5%. Domestic sales decreased 2.0%, while international sales
increased 14.4% (7.2% from operations and 7.2% from currency).
Sales growth reflects the strong performance of TOPAMAX, an
antiepileptic and a treatment for the prevention of migraine
headaches; our antipsychotic franchise, which includes RISPERDAL,
RISPERDAL CONSTA and INVEGA; and REMICADE, a biologic approved
for the treatment of a number of immune mediated inflammatory
diseases. Growth was impacted by lower sales of PROCRIT, a
product for the treatment of anemia, primarily due to a decline
in the market. This market decline is related to a labeling
change made this past March and a decision memorandum issued by
the Centers for Medicare & Medicaid Services under its national
coverage analysis process.
In October, the Company received approval from the FDA for
DORIBAX (doripenem for injection) as a new treatment for
complicated intra-abdominal and complicated urinary tract
infections, including pyelonephritis. During the quarter, the
Company filed a new drug application in both the U.S. and Europe
for TMC125 (etravirine), an investigational non-nucleoside
reverse transcriptase inhibitor (NNRTI), being studied for use
with other antiretroviral agents as a treatment for people
infected with HIV-1.
Worldwide Consumer segment sales of $3.6 billion for the third
quarter represented a 47.5% increase over the prior year with
operational growth of 43.4% and a positive impact from currency
of 4.1%. Domestic sales increased 39.8%, while international
sales increased 54.2% (46.5% from operations and 7.7% from
currency). On a pro-forma basis, including the net impact of the
acquisition of Pfizer Consumer Healthcare in both periods,
worldwide sales for the Consumer segment increased 3.5%
operationally.
Sales growth in the combined business reflects the strong
performance of the LISTERINE antiseptic mouthrinse and the launch
of whitening products; the skin care lines of AVEENO, CLEAN &
CLEAR, and NEUTROGENA; McNeil Nutritional's SPLENDA sweetener;
and Baby and Kids Care products. In October, the Company
announced it was voluntarily withdrawing certain infants' cough
and cold products from the market. An assessment of available
data on the use of pediatric cough and cold medicines identified
rare instances of misuse leading to overdose, particularly in
infants under 2 years of age. When used as directed, these
medicines are generally recognized as safe and effective.
Johnson & Johnson is the world's most comprehensive and broadly
based manufacturer of health care products, as well as a provider
of related services, for the consumer, pharmaceutical, and
medical devices and diagnostics markets. The more than 250
Johnson & Johnson operating companies employ approximately
120,000 men and women in 57 countries and sell products
throughout the world.
* Net earnings and diluted earnings per share excluding after-
tax in-process research and development charges and restructuring
charges are non-GAAP financial measures and should not be
considered replacements for GAAP results. For a reconciliation of
these non-GAAP financial measures to the most directly comparable
GAAP financial measures, see the accompanying tables to this
release.
NOTE TO INVESTORS
Johnson & Johnson will conduct a meeting with financial analysts
to discuss this news release today at 8:30 a.m., Eastern Daylight
Time. A simultaneous webcast of the call for interested investors
and others may be accessed by visiting the Johnson & Johnson
website at www.investor.jnj.com. A replay and podcast will be
available approximately two hours after the live webcast by
visiting www.investor.jnj.com.
Copies of the financial schedules accompanying this press release
are available at http://www.investor.jnj.com/historical-
sales.cfm. The schedules include supplementary sales data, a
condensed consolidated statement of earnings, and sales of key
products/franchises. Additional information on Johnson & Johnson
can be found on the Company's website at http://www.jnj.com.
(This press release contains "forward-looking statements" as
defined in the Private Securities Litigation Reform Act of 1995.
These statements are based on current expectations of future
events. If underlying assumptions prove inaccurate or unknown
risks or uncertainties materialize, actual results could vary
materially from Johnson & Johnson's expectations and projections.
Risks and uncertainties include general industry conditions and
competition; economic conditions, such as interest rate and
currency exchange rate fluctuations; technological advances and
patents attained by competitors; challenges inherent in new
product development, including obtaining regulatory approvals;
domestic and foreign health care reforms and governmental laws
and regulations; and trends toward health care cost containment.
A further list and description of these risks, uncertainties and
other factors can be found in Exhibit 99 of the Company's Annual
Report on Form 10-K for the fiscal year ended December 31, 2006.
Copies of this Form 10-K, as well as subsequent filings, are
available online at www.sec.gov, www.jnj.com or on request from
Johnson & Johnson. Johnson & Johnson does not undertake to update
any forward- looking statements as a result of new information or
future events or developments.)